Section 446N — Finance Act 2003: Securities subject to restriction during relevant period

Securities subject to restriction during relevant period 446N 1 This section applies where the employment-related securities have been restricted securities or a restricted interest in securities at any time during the relevant period.

2 DA is to be deducted from the amount determined under section 446L(4) (or, where section 446M applies, the amount determined under sections 446L(4) and 446M).

3 DA is the aggregate of the amounts arrived at under subsection (4) in relation to each event occurring during the relevant period that is a chargeable event in relation to the employment-related securities.

4 The amount is— TA - ARTA 5 TA is the taxable amount actually determined under section 428 in relation to the chargeable event.

6 AR TA is the taxable amount which would have been determined under section 428 in relation to the chargeable event if any non-commercial increases during the period—

a beginning at the same time as the relevant period, and b ending immediately before the chargeable event, had been disregarded.